On January 1,2024 , Sandhill Co. sold 10% bonds with a face value of $2900000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31 . The ponds were sold for $3135216 to yield 8%. If the effective-interest method of amortization is used, interest expense reported for 2024 is (Round intermediate values to 2 decimal places, e.g. 22.55.)